Pittsburgh, PA– March 23, 2022 – Berkadia announced today the $16 million sale of the Hampton Inn & Suites Pittsburgh Waterfront, a 113-room hotel in Pittsburgh, Pennsylvania. Managing Directors Dan Hawkins and Kyle Stevenson of Berkadia Hotels & Hospitality and Senior Director Rick Brace of Berkadia Detroit completed the sale on behalf of the Maryland-based owner. The deal closed March 11.
“The West Homestead submarket of Pittsburgh was early to come back to life post-pandemic lockdowns which is reflected in the hotel’s trailing performance and the purchase price,” said Hawkins.
“The seller benefitted from a low basis and buyers were attracted to the superior flag, location and construction methods which helped drive interest to the asset,” said Stevenson.
Located at 301 West Waterfront Drive, the hotel offers 113 mixed rooms. Hotel amenities include 24/7 business center, fitness center, indoor pool, outdoor terrace with fire-pit and complimentary buffet breakfast. The hotel sits adjacent to The Waterfront and is in close proximity to retail areas, Kennywood Amusement Park and Downtown Pittsburgh.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.